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Currency Wars: The Making of the Next Global Crisisby James Rickards
Synopses & Reviews
and#147;The next financial collapse will resembleand#160;nothing in history. . . . Deciding uponand#160;the best course to follow will requireand#160;comprehending a minefield of risks, whileand#160;poised at a crossroads, pondering theand#160;death of the dollar.and#8221;
The international monetary system has collapsed threeand#160;times in the past hundred years, in 1914, 1939, and 1971.and#160;Each collapse was followed by a period of tumult: war,and#160;civil unrest, or significant damage to the stability of theand#160;global economy. Now James Rickards, the acclaimedand#160;author of Currency Wars, shows why another collapseand#160;is rapidly approachingand#151;and why this time, nothing lessand#160;than the institution of money itself is at risk.
The American dollar has been the global reserveand#160;currency since the end of the Second World War. If theand#160;dollar fails, the entire international monetary system willand#160;fail with it. No other currency has the deep, liquid poolsand#160;of assets needed to do the job.
Optimists have always said, in essence, that thereand#8217;sand#160;nothing to worry aboutand#151;that confidence in the dollarand#160;will never truly be shaken, no matter how high ourand#160;national debt or how dysfunctional our government. Butand#160;in the last few years, the risks have become too big toand#160;ignore. While Washington is gridlocked and unable toand#160;make progress on our long-term problems, our biggestand#160;economic competitorsand#151;China, Russia, and the oilproducingand#160;nations of the Middle Eastand#151;are doing everythingand#160;possible to end U.S. monetary hegemony. Theand#160;potential results: Financial warfare. Deflation. Hyperinflation.and#160;Market collapse. Chaos.
Rickards offers a bracing analysis of these andand#160;other threats to the dollar. The fundamental problem isand#160;that money and wealth have become more and moreand#160;detached. Money is transitory and ephemeral, and it mayand#160;soon be worthless if central bankers and politicians continueand#160;on their current path. But true wealth is permanentand#160;and tangible, and it has real value worldwide.
The author shows how everyday citizens who saveand#160;and invest have become guinea pigs in the centraland#160;bankersand#8217; laboratory. The worldand#8217;s major financial playersand#151;national governments, big banks, multilateraland#160;institutionsand#151;will always muddle through by patchingand#160;together new rules of the
game. The real victims of theand#160;next crisis will be small investors who assumed that whatand#160;worked for decades will keep working.
Fortunately, itand#8217;s not too late to prepare for the comingand#160;death of money. Rickards explains the power ofand#160;converting unreliable money into real wealth: gold, land,and#160;fine art, and other long-term stores of value. As he writes:and#160;and#147;The coming collapse of the dollar and the internationaland#160;monetary system is entirely foreseeable. . . . Only nationsand#160;and individuals who make provision today will surviveand#160;the maelstrom to come.and#8221;
"In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, 'Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves.' He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
Bestselling author and financial guru Harry Dent shows why we're facing a decade-long great deflation”—and what to do about it.
Throughout his long career as an economic forecaster, Harry Dent has relied on demographics—the ultimate tool for predicting both big and small trends, decades in advance. Now he explains whats going to happen to our economy with the accelerating retirements of the Baby Boomers.
Inflation rises when a larger than usual block of younger people enter the workforce, and it wanes when large numbers of older people retire, downsize their homes, and cut their spending. The mass retirement of the Boomers wont just hold back inflation, it will actually cause deflation—with a downturn and periodic crises from 2014 until about 2023.
Dent explores the implications of his controversial predictions for retirement planning, healthcare, real estate, education, investing, and business strategies. His advice will help readers survive and prosper during the challenging years ahead.
The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar.
The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.
In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.
James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.
About the Author
James Rickards is a seasoned counselor, investment banker, and risk manager. He advises the Department of Defense, the CIA, and the director of national intelligence on global finance. A frequent guest on CNN, Fox, C-SPAN, CNBC, Bloomberg TV, and NPR, Rickards also lectures at Northwestern University and the School of Advanced International Studies.
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